According to recent market research conducted by FMI, the global thermoformed containers market is on a trajectory of steady growth, with a projected Compound Annual Growth Rate (CAGR) of 4.6% from 2023 to 2033. In 2023, the market is expected to be valued at approximately US$ 19.9 billion, and by 2033, it is anticipated to reach a substantial valuation of US$ 31.6 billion.
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Several key factors are expected to drive and sustain this growth:
1. Cost-Effective Solutions: Thermoformed containers offer cost-effective packaging solutions, making them an attractive choice for businesses across various industries. Their efficiency in material usage and production processes contributes to their value proposition.
2. Recycling Potential: With a growing emphasis on sustainability and environmental concerns, thermoformed containers’ potential for recycling is a significant driver. These containers are often made from plastics that can be recycled, contributing to a more eco-friendly packaging option.
3. Rising Demand for Packaged Food: The increasing consumption of packaged food and beverage products, including fresh fruits, vegetables, meat, dry fruits, and beverages, is a major factor propelling the thermoformed container market. This trend is driven by factors such as rapid urbanization, changing consumer lifestyles, and convenience.
Thermoformed containers are manufactured through a thermoforming process, involving the heating of closed-cell foams or rigid plastics to a pliable temperature, followed by molding using pressure and vacuum forming techniques to achieve the desired shape. These containers are gaining popularity due to their lightweight nature, durability, water resistance, cost-effectiveness, and reusability.
Various types of thermoformed containers, including clamshells, blisters, trays & lids, and bowls, find applications across a wide range of industries. Their versatility and practical attributes make them a preferred choice for packaging needs in sectors such as food, beverages, electronics, and more.
Important elements that could fuel market expansion include:
- the cost-effectiveness of the value offered.
- the possibility of recycling.
- rising consumption of packaged foods.
Thermoformed items are manufactured by heating stiff polymers or closed-cell foams to a malleable temperature during the thermoforming process. For the proper shape, these are formed utilising vacuum and pressure forming procedures.
“As an efficient, durable and safer mode of packaging, thermoformed containers have penetrated in a wide range of applications ranging from consumer goods to medical packaging. With the advent of 3D printing tools, manufacturing capacities of thermoforming are set to expand in the future. And on the back of increased efforts in recycling, thermoformed containers are likely to observe steady growth prospects in the coming years wherein volume sales are expected to reach 191 billion units in 2019, totaling revenues worth US$ 16.6 billion,” says FMI.
Thermoformed Trays and Lids Segment Lucrative, Blisters are Top Selling
The study finds that trays and lids continue to garner greater revenues while blisters remain top-selling product and held one-third of the global sales in 2018. Thermoformed trays and lids accounted for over one-fifth of the sales and remained the most lucrative segment.
Increased use of blister packaging has led manufacturers to introduce various innovations in the form of enhanced protective features, production and technology integration and sustainability. In particular, pharmaceutical packaging manufacturers are leveraging these innovations in the blister packaging to meet the evolving expectations of stakeholders while maintaining a good profit margin.
Thermoformed trays and lids are highly embraced by end-users owing to their versatility in design manufacturing and customization for brand marketing. Also, efficient sealable feature combined with effective resealing extends the application scope of thermoformed trays and lids across end-user industries ranging from food to pharma.
Thermoformed Containers Sales Spearheaded by APEJ
The FMI study opines that APEJ spearheads thermoformed container consumption. In 2018, the region accounted for over one-third of the global volume sales with China at the helm of thermoformed container sales in APEJ. The region presents lucrative opportunities for manufacturers with the availability of raw materials, low-cost labor and significant demand for thermoformed packaging from end-use applications. Also, investments in food and beverage, as well as pharmaceutical packaging, is increasing with the expanding middle class and improving economic scenario.
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Market Segmentation:
By Material Type:
- Polypropylene
- Polyethylene
- Polyvinyl Chloride
- Polystyrene
By Product Type:
- Blisters
- Clamshells
- Cups & Bowls
- Trays & Lids
By End-Use:
- Food & Beverages
- Pharmaceuticals
- Cosmetics & Personal Care
- Home Care Products
- Electronics & Electrical
By Region:
- North America
- Latin America
- Europe
- Asia Pacific excluding Japan
- Japan
- The Middle East and Africa
Author:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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